Earthstone Energy released its Q4 and full year 2015 results showing a net loss of $116.5 million for the quarter and $116.7 million loss for the year. During an earnings call on Monday, the company’s CEO called it a ‘decent’ quarter, despite the downturn.

Executives also announced an annual savings associated with general administrative costs to be about $1.3 million, mostly from expenses related to personnel.

Frank Lodzinski, President and CEO, commented that “During 2015 (…) we cut virtually all of our long term contractors, some employees, rolled back salaries 10% and eliminated some benefits. We did what we had to do, however I am pleased to say that staff morale and determination to succeed is high.”

Eagle Ford Operations

In the fourth quarter, Earthstone drilled four-well Eagle Ford Boggs Unit in Karnes County and report that there are 12 wells that were waiting on completion by year’s end. Looking to 2016, the company anticipates completing these wells in the second half of 2016.

One well with a lateral length of approximately 7,200 feet will be completed with 32 stages

Three wells with lateral lengths of approximately 6,500 feet will be completed with 30 stages

Elizabeth Alford

Elizabeth Alford writes on significant news developments in the Eagle Ford oil and gas play taking place across South TX. She is a freelance writer with an extensive communications, PR, and staff writing background.